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A patent was purchased on January 1, 2024 for $585,000 with a legal life of 20 years. Management estimates that the patent has a 12-year

A patent was purchased on January 1, 2024 for $585,000 with a legal life of 20 years. Management estimates that the patent has a 12-year economic life. Determine the patent amortization expense for the first year. $97,500 $32,500 $29,250 $48,750

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